FX.co ★ GBP/JPY: Upside prevails

Overview:
GBP/JPY is consolidating with bullish bias as markets await U.S. Non-Farm Payrolls report. GBP/JPY is supported by more-aggressive-than-expected BOJ asset-purchase program aimed at achieving its 2% inflation target; positive global risk sentiment; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales; positions adjustment before weekend. Daily chart is positive-biased; MACD and stochastics have turned bullish.
Recommendation:
Buy above 145.2 with upside targets at 147.8 and 148.5.
Resistance levels:
R1 - 147.8
R2 - 148.5
R3 - 149
Alternative scenario:
Sell below 145.2 with downside targets at 144.6 and 144.2.
Support levels:
S1 - 144.6
S2 - 144.2
S3 - 143.5